Only Operating Profit of Comparables to be considered for Transfer Pricing – ITAT
DHL Express (India) Pvt Ltd vs. ACIT (ITAT Mumbai) Brief Facts :- The assessee company is engaged in the business of couriers mainly International couriers and is belongs to DHL group. The assessee company had entered into an agreement with DHL for access the DHL network for transportation and delivery of consignment. For this purpose, the assessee company… Read More
RBI guidelines for Banks to mitigate the risks of use of Information Technology in Banking Operations
RBI/2010-11/494 DBS.CO.ITC.BC.No. 6/31.02.008/2010-11 April 29, 2011 The Chairman / Chief Executives of All Scheduled Commercial Banks (excluding RRBs) Dear Sir / Madam, Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds- Implementation of recommendations As you are aware, following the announcement in the April 2010 Monetary Policy Statement, the Working Group… Read More
Limit of USD 5 bn increased to USD 25 bn by RBI for investments in bonds and Non Convertible Debenture by FIIs
RBI/2010-11/492 A.P. (DIR Series) Circular No. 55 To, All Category I Authorised Dealer banks Madam / Sir, Foreign investments in India by SEBI registered FIIs in other securities Attention of Authorised Dealers Category I (AD Category - I) banks is invited to paragraph 1 of Schedule 5 to the Foreign Exchange Management (Transfer or Issue… Read More
RBI liberalises the norms for Advance Remittances made by Banks for Imports
RBI/2010-11/493 A.P. (DIR Series) Circular No. 56 April 29, 2011 To All Authorised Dealers in Foreign Exchange Madam/ Sir Foreign Exchange Management Act, 1999- Advance Remittance for Import of Goods - Liberalisation Attention of Authorised Dealer Category I (AD Category-I) banks is invited to A. P. (DIR Series) Circular No.106 dated June 19, 2003, A. P.… Read More
MCA Clarifies- Now send Annual Accounts under Section 219 via e-mail
The Ministry of Corporate Affairs (MCA), has made certain elucidation vide Circular no. 18/ 2011 dated 29th April 2011 with regard to the Green Initiative in the Corporate Governance wherein, the Companies are now allowed to send the Balance sheet, Profit& Loss A/C, Auditor's Report, Director's Report and Explanatory Statement etc. via e- mode in accordance with MCA Circular… Read More
SEBI Circular for ASBA facility
CIRCULARCIR/CFD/DIL/1/2011 April 29, 2011 CLR Note: Application Supported by Blocked Amount(ASBA) is an applicationcontaining an authorization to block the application money in the bank account, for subscribing to an issue. If an investor is applying through ASBA, his application moneyshall be debited from the bank account only if his/her application is selected forallotment after the… Read More
Every procedure is permitted to the court for doing justice unless expressly prohibited
Recently, hon™ble Supreme Court in RAJENDRA PRASAD GUPTA V. PRAKASH CHANDRA MISHRA & ORS. {(2011) 2 SCC 705; Civil Appeal No(s). 984 of 2006-Decided on 12-01-2011} has held as follows (in para 2). 2.........................Rules of procedure are handmaids of justice. Section 151 of the Code of Civil Procedure gives inherent powers to the court… Read More
AGREEMENTS VALID WITHOUT PAYING STAMP DUTY-Purchase order, Airline ticket and Courier receipt etc
Extracts from Section 3 and Entry No. 5 in Schedule I to the Indian Stamp Act, 1899 are reproduced below for ready reference. (A) Entry No. 5 in Schedule I (Stamp Duty on Instruments) to the Indian Stamp Act, 1899 read as follows. 5. AGREEMENT or Memorandum of Agreement-(a) if relating to the sale of… Read More
When an Unregistered Equitable Mortgage Deed is Invalid
An extract of section 58(f) and section 59 of the Transfer of Property Act, 1882 is reproduced below for ready reference. 58(f). Mortgage by deposit of title-deeds.”Where a person in any of the following towns, namely, the towns of Calcutta, Madras, and Bombay, and in any other town which the State Government concerned may, by notification… Read More
Arbitral award need not be written on stamp paper by the Arbitrator
This has reference to the observations of hon™ble Single Judge bench of Delhi HC in Eider PW1 Paging Limited and Eider PW1 Communications Ltd. Vs. Union of India and Ors. {2010 (115) DRJ 263- Delhi HC}, which has been referred to a larger bench of Delhi HC. However, with highest respect to hon™ble Single Judge bench… Read More
Notification on SARFAESI (Central Registry) Rules 2011
CLR Note:- The Central Registry constituted under SARFAESI Act, 2002, vide announcement made by the Finance Minister in his Budget Speech 2011-12, has already been effective since 31st March 2011. The Central Registry will definitely help to to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property. RBI /2010-11/484… Read More
High Value Transactions might be added in AIR list
The Finance Ministry is planning to add high-value transactions in Annual Information Returns (AIRs) of revenue department for driving out tax evasion. This is in addition to lowering the existing limits in case of some transactions. In AIRs, intermediaries, such as banks, are supposed to report high-value transactions to the tax department so that… Read More
SEBI reviews Annual Issuers’ Charges
CIR/MRD/DP/ 05 /2011 To, All Depositories/ all Stock Exchanges Dear Sir/Madam, Sub: Review of Annual Issuers™ charges 1. Please refer to SEBI Circulars No. MRD/DoP/SE/Dep/Cir-4/2005 dated January 28, 2005 and No. MRD/DoP/SE/Dep/Cir-2/2009 dated February 10, 2009 on the captioned subject matter. 2. In partial modification to the above circulars, it has been decided to modify the methodology of… Read More
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